Economist needed

According to media report, Ishaq Dar was quoted as saying that inflation in July-August has been the lowest in over a decade – at less than two percent.The foreign exchange reserves have also reached the highest ever figure of $20 billion. This is excellent. But we wish this were actually true and not a mere jugglery of figures. The real economic facts are that inflation is at 1.72 percent only if we keep the benchmark as the highest rate of inflation during the last two years. In fact what has really happened is that the prices have reduced by a very small margin compared to the skyrocketing prices brought about by unprecedented indirect taxation, removal of subsidies on all utilities and services under conditions from the IMF.
Similarly, the $20 billion foreign exchange reserves claim is inflated because it includes account savings of all commercial banks and the private sector, mainly comprising remittances being sent by expatriates. Our earnings from exports have not increased much. The finance minister is a very good accountant but what we need is a good, development economist to help him quote correct figures. Only then will he be able to do something about this situation.
Zaheer Ahmed
Islamabad